NFT Tokens ( Non-Fungible-Tokens)

Will Rising Market Sentiments Revive the Dormant NFT Market?

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Highlights
  • The focus on popular NFT tokens has faded of-let as the traders remain sceptical about the upcoming price action of the traditional crypto assets

  • While the NFT trading volume has dropped more than 98% since the beginning of 2022, the possibility of a revival appears pretty much less

During the last quarter, it was the NFTs that reignited the bull run, as the cryptos corrected heavily after reaching their respective highs. However, as the trading volume has fallen below half a billion since the start of the annual trade, the NFT space has diminished. From a peak of roughly $17 billion to just under $466 million in September, they declined. The number of sales that exceeded 117K has significantly decreased to just 7281. 

It is now crucial to understand whether the NFTs will recapture mainstream interest in the days to come. Then perhaps now is the time

Flow(FLOW) 

With market sentiments rising slightly, the FLOW price recorded a massive growth of more than 30% in the trading volume. However, after trading around $1.7 for nearly a week, the price dropped below $1.4 recently. Therefore, in the coming days, the price is expected to regain the lost resistance and further attempt to surpass the $1.8 level initially and later test $2. 

Apecoin (APE)

Apecoin, being the second largest NFT after Flow, is striving to regain the $5 mark while the levels around $4.7 are hindering progress. Meanwhile, the volume has surged notably, which may hold the APE price above the crucial support. Hence, the price may rise beyond $5 during the upcoming weekend, which may pave the way to reaching the immediate highs at around $6.  

Tezos(XTZ) 

Just before the previous day’s close, XTZ’s price pulled a massive leg up of more than 12%, challenging the bearish action. However, since then, the price has been consolidating within a very narrow range, which indicates the possibility of a notable upswing. As the price continues to trade within a bullish flag, a breakout may uplift the asset close to $1.5. Here, a slight push by the bulls may further enable the price to trade beyond the levels. 

Decentraland (MANA) 

The market cap of the token has been maintained above $1 billion despite tremendous bearish pressure. However, with the recent jump in the trading volume of more than 35%, the market is expected to surge, enabling the MANA price to test the upper resistance. The upswing, however, may not trigger a jump to $1.5 but may certainly rise the price close to $1. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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